基于资本成本的股利决策分析

Analysis of Dividend Decision-making Based on Capital Cost

在委托代理关系和信息不对称条件下,公司经理应以资本成本决策股利支付,贯彻资本成本观念。公司经理资本成本观念是在资本成本作用机制下形成的,需要具备一定的条件。我国上市公司股利支付的随意性表明,公司经理缺乏资本成本观念,其原因在于资本成本作用机制所要求的条件不具备,因此,规范上市公司股利支付行为应从健全资本成本作用机制所要求的条件入手。

In the case of agency theory and information asymmetry, cost of capital should be considered during the process of making dividend decisions. The concept of capital cost is formed under the cost of capital mechanism with specific conditions. The random quantity of dividend payment in Chinese listed companies shows, corporate managers are lack of concept of capital cost because of the absence of conditions required by capital cost mechanism. As a result, in order to standardize listed companies＇ dividend payment behavior, stakeholders should start with consummating the capital cost mechanism required conditions.